9. Sari Tagore obtains a $1,000 loan to purchase a laser printer. Her interest rate is 7% ordinary interest for 108 days. 9a. What is the interest owed 9b) What is the maturity value of the loan?

Q: Angie wants to obtain a $500,000 mortgage, amortized over 25 years. Interest rates are currently 8%,…

A: The objective of the question is to calculate the Effective Annual Interest Rate (EAR) and the…

Q: Derek borrows $263,197.00 to buy a house. He has a 30-year mortgage with a rate of 5.93%. After…

A: A mortgage loan payment is a regular, typically monthly, installment made by a borrower to repay a…

Q: Use the formula or a calculator application to find the monthly payment on a home mortgage of…

A: Monthly Payment refers to the amount paid or received from the annuity fund for a specified period…

Q: wer takes out a 10-year mortgage loan for $300,000 with an interest rate of 7%. What portion of the…

A: Interest payments:Interest payments refer to the amount of money that is paid by a borrower to a…

Q: Jack borrowed $4239 at 7.8% to buy a used car. He paid the maturity value of $5460. Find the time c…

A: Compound Interest: A= P(1+R/100)n Where, A= Amount on maturity P= Principal Amount R= Rate of…

Q: Payment rate = i 729.18 dollars per year Interest paid i 12395.98

A: We first need to determine the effective annual rate using the formula below: EAR = einterest rate -…

Q: am. 111.

A: To solve this problem, we can use the formula for the monthly payment of a mortgage: P=…

Q: Wade Ellis buys a new car for $16,882.14. He puts 10% down and obtains a simple interest amortized…

A: An amortized mortgage refers to a type of loan where the borrower makes regular payments over a…

Q: 2. Janica received a loan from her bank for Php 4,085 for a period of one year. The interest rate is…

A: Interest on Loan: The expense of borrowing money is represented by interest. When loan disbursements…

Q: Shuman secures a 30-year mortgage for $377,900 and an annual interest rate of 4.875% compounded…

A: When a person is borrowing some amount then he needs to pay regular payment for the purpose of…

Q: Daysha bought a house with a mortgage of $395,100. The mortgage is being financed with an interest…

A: We need to use NPER function in excel to calculate number of payments in both ordinary annuity and…

Q: Caridad borrowed $17,500 at 11% ordinary interest for 160 days. After 60 days, she made a partial…

A: The final amount is computed by adding the loan amount and interest due and then subtracting the…

Q: 9. Jared will repay a mortgage over 25 years. This table shows 2 of the Раyment number payments.…

A: Equated Monthly Payment or EMI is a fixed amount paid every month by the borrower. It includes both…

Q: If Christine borrowed P 75 000 from the bank at an interest rate of 3.5%, how much is the interest…

A: Solution 1: Interest in 8 months = P * R * T

Q: 4 (5) Assume a 30-year mortgage loan for $250,000 for 30 years at an annual rate of 6%. What would…

A: The objective of the question is to calculate the fixed annual and monthly payments for a 30-year…

Q: A home buyer signed a 20-year, 8% mortgage for $72,500. Payments of the mortgage should be made…

A: This can be solved using the present value of an annuity concept.Annuity is…

Q: mortgage loan require you to pay $489.44 per month at 6% interest per annum. If you hold condo for…

A: Mortgage are secured loans against and are paid by equal monthly payments and these carry the…

Q: Christine applied for a cash loan at PCG money lending company amounting to 100,000 pesos at 10.68%…

A: Cash loan (C) = 100000 pesos r = 10.68% n = 12 payments

Q: O a. $1,054,602.46 b. $1,044,056.44 c. $970,234.27 d. $1,022,964.39 O e. $991,326.31

A: First, we need to calculate the bi-weekly payment amount. We know the mortgage amount, the interest…

Q: Ms. Althea Jordao purchases a home worth Php 1,200,000 with a down payment of 15%. Then she loan the…

A: Home worth = Php 1200000 Down payment  = 15% of 1200000 = Php 180000 r = 7.5% = 0.625% per month n =…

Q: QUESTION 1 A man buys a house for $360,000 He makes a $150.000 down payment and amortizes the rest…

A: It is a case where a house is purchased using a downpayment as well as a loan is taken up to cover…

Q: On October 5, Tristan Sandino borrowed $3,050 to buy an English bulldog.  The loan carried a rate of…

A: Simple interest is that interest amount which is computed only on the principal amount. In contrast…

Q: A problem is listed below. Identify its type. Deborah deposits $350 into an account that pays simple…

A: Interest is the amount received or paid over and above the principal amount. It is a kind of fee…

Q: Ibrahim has a mortgage of $429,000 through his bank for property purchased. The loan is repaid by…

A: Any sum borrowed to meet any specific personal or business needs is regarded as a mortgage/loan. The…

Q: Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10.…

A: In a case of borrowing, we need to find the interest using ordinary method and exact method. We then…

Q: 1. Jon has obtained a $400,000 mortgage. The mortgage is amortized over 10 years. The mortgage…

A: "Hi, Thanks for the Question. Since you asked multiple sub parts question, we will answer first…

Q: 4. The cost of a home is financed with a $120,000 30-year fixed-rate mortgage at 4.5%. a. Find the…

A: Monthly Payments = L[c(1 + c)^n]/[(1 + c)^n - 1], where L stands for "loan," C stands for "per…

Q: On October 5, Tristan Sandino borrowed $3,050 to buy an English bulldog. The loan carried a rate of…

A: Simple Interest=  Principal* rate of interest* number of days/Number of days in a year.

Q: On September 12, Jody Jansen went to Sunshine Bank to borrow $4,200 at 8% interest. Jody plans to…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Your monthly mortgage payment (principal plus interest) is $1,500. If you have a 34-year loan with a…

A: Information Provided: Interest rate = 0.25% per month Period of loan = 34 years Monthly payment =…

Q: 29. You get a $310,000 mortgage loan at 6.75% interest. Your monthly payment (PI) is $1,650.…

A: Principal repayment = Total payment - Interest

Q: ********************* On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9%…

A: Loan - $ 2300 Interest – 9% Date borrowed= September 12 Date repaid = January 27

Q: which formula 2.Jacob borrows $3,000 at 5% exact interest for 540 days. How much does he need to pay…

A: Simple interest is calculated on the principal using the given rate of interest for the required…

Q: Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36…

A: Monthly Payment = Principal Amount x Monthly Payment Factor @ 10.5% for 36 months (From Table) /…

Q: PLEASEEE THNAKS

A: The objective of this question is to find the periodic interest rate for a mortgage loan. The…

Q: 12.1 pg. 219-220 Find the monthly payment for each loan below. Remember to assume monthly…

A: Laon amortization schedule means where repayment during the life of loan is written with interest.…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.